GiG blames 16% Q2 revenue fall on “tougher Swedish market”

Adjusted EBITDA for Q2 was €2.5m, a 49% increase, and cash flow from operations was €3.2m, a 156% decrease.

GiG has attributed the drop in revenue to a difficult Swedish market and the termination of an unnamed customer contract in Q4 2018.

Robin Reed, CEO of GiG, said: “With the second quarter behind us, the outlook has improved. I am confident the recent strategic actions we have taken will lead to revenue growth and an improved bottom line in H2.

“It has been a quarter with some headwind, primarily due to a tougher Swedish market.”

Revenues for GiG’s main source of income, B2C, fell to €19.6m in the period, a 19% decrease, while its B2B revenues also dropped to €13.1m, a 16% fall.

The supplier recently announced the sale of its B2C brand Highroller to Ellmount Gaming in a €7m deal, through which GiG is hoping to increase brand equity for online casino Rizk.

GiG’s share price dropped slightly to SEK 11.02 ($1.15) following its trading update.

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Owain Flanders

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Owain Flanders is a journalist who spent over a year with Gambling Insider, first joining as an Editorial Intern in August 2019 before progressing to Staff Writer from November 2019 to December 2020. During his tenure, he covered a wide range of developments across the global gambling and iGaming sectors, producing original news stories, in-depth features and analytical pieces for the Gambling Insider website and its bi-monthly magazine.

Owain interviewed CEOs, analysts and senior marketing executives on emerging trends, regulatory issues and commercial strategy, bringing authoritative insight to a professional B2B audience.

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